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Type: Journal article
Title: Evergreen leasing of aquaculture sites
Author: Townsend, R.
Young, M.
Citation: Marine Resource Economics, 2005; 20(2):203-210
Publisher: University of Rhode Island, Department of Environmental and Natural Resource Economics
Issue Date: 2005
ISSN: 0738-1360
Statement of
Ralph E. Townsend and Michael D. Young
Abstract: Government policy on siting of aquaculture must balance the objective of providing a long planning horizon for the industry against a broader social interest in adapting lease terms to new environmental information. Evergreen leases are proposed to balance these objectives. Under an evergreen lease, the lease renewal occurs not at the end of the lease, but rather at midterm. For example, a 20-year lease might be renewed at year five or year 10. The mid-term renewal process avoids end-point biases and also creates incentives for the two parties to successfully bargain a renewal. Evergreen leases are an appropriate institution when two parties want a long-term relationship but recognize that terms of the relationship must evolve to reflect new information.
Keywords: Aquaculture; evergreen leases
Description: Copyright © 2005 Marine Resources Foundation
RMID: 0020071323
DOI: 10.1086/mre.20.2.42629469
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Appears in Collections:Earth and Environmental Sciences publications

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